April 2nd midday Silk Road and Suggestions

Why does Bitcoin, which has been rising nicely, suddenly break through and crash? From the news perspective, it’s because of what Little Yellow Hair said this morning. Check out what he said—just listen to his comments on bullish or bearish trends, and he completely disrupts the market direction.

Looking at the chart technically, at the position indicated by the white arrows at the top, the first attempt to break above the 69,326 resistance failed, resulting in a pullback. The second attempt to push past 69,326 resistance also failed, forming a double top pattern, with the area circled in white, and a shooting star candlestick appeared, leading to a pullback. The price then broke below the 68,545 support level, but at this point, Little Yellow Hair hadn’t started speaking yet, so the pullback was shallow—just a test of the lower boundary of the flag pattern, which found support and began to rebound. The rebound didn’t break through the 68,545 resistance, and then Little Yellow Hair started speaking, causing a sharp drop through the flag pattern, forming a bearish engulfing pattern. The support at 67,567 was broken, bringing the price down near 66,690 support. Now, it’s crucial to see if the 66,690 support can hold. If it breaks, the price will retest the support zone at 65,565–64,930, forming a double bottom and attempting a rebound. The limit is that it can only retest 64,930; it must not fall below that. A break below 64,930 would lead to lower lows and continued decline. To stop the fall and rebound, the price must return above 67,567; otherwise, it’s useless.

Bitcoin, with volume, broke through 67,621 and should be chased long on the right side. A volume break below 66,708 and a rebound without recovery suggest chasing short on the right side, with proper stop-loss in place.

Bitcoin’s hourly level: break above 67,621 and hold, aiming for 68,421–69,225. If it cannot go above 67,621, it’s useless.

4-hour level: break below 66,656 and look down to 65,932–64,986.

Upper resistance levels: 67,621–68,421–69,225
Lower support levels: 66,574–65,775–64,935

Silk Road Pattern
Second Bitcoin: volume breakout at 2,076, chase long on the right side, then close and stop-loss.
Break below 2,047 with volume, chase short on the right side, then set stop-loss.

Retest 2,011 to confirm support—add one more position.
Break below 1,983 and stop-loss.
Second Bitcoin hourly: hold above 2,076, aiming for 2,126–2,150.
Watch for a move above 2,150 to chase short, with a stop-loss at 2,187.
Left-side order: buy at 1,972, stop-loss if below 1,936.
Upper resistance: 2,076–2,126–2,150
Lower support: 2,048–2,011–1,972

4-hour level: break below 2,054 and look down to 2,009–1,961.
Second Bitcoin’s rapid rise and fall are equally intense. It has never disappointed in its downward moves. Currently, it has broken below the 2,093 support, and the flag pattern support at 2,046 may not hold. The next support signal might be around 1,992. Only when it re-enters the flag pattern and breaks above 2,093 can it stop falling and rebound.